I. Technical Field
The present invention generally relates to methods and systems for providing a financial account. More particularly, the present invention relates to providing a financial account including providing, for example, an incentive directed toward retaining a customer associated with the financial account.
II. Background Information
Credit card products have become so universally well known and ubiquitous that they have fundamentally changed the manner in which financial transactions and dealings are viewed and conducted in society today. Credit card products are most commonly represented by plastic card-like items that are offered and provided to consumers through credit card issuers (such as banks and other financial institutions). With a credit card, an authorized consumer is capable of purchasing services and/or merchandise without an immediate, direct exchange of cash.
With present credit processing systems, the consumer presents a credit card or credit card number to a merchant. The merchant processes and transmits information, including credit card information and purchase amount, through an established system of electronic clearances and settlements to complete payment. The card issuer is notified of the pending transaction and is given an opportunity to approve it. If approved, a series of clearances and settlements among interchange participants (namely, the merchant, the acquiring bank, the card issuer, and/or the processing institution) results in the card issuer reimbursing the other participants in the process for the cost of the purchase. The card issuer then invoices the consumer for the amount of the purchase and may extend credit such that the consumer can pay the amount of the purchase over time.
In general, the card issuer provides the consumer with a monthly or otherwise periodic statement. The consumer may have the option to either fully pay the outstanding balance or, as a matter of necessity or choice, may defer at least a portion of the balance for later payment with accompanying interest or finance charges for the period during which payment of the outstanding debt is deferred. Following receipt of the statement, the consumer generally mails a check or money order to the card issuer.
Furthermore, interest or finance charges charged on the outstanding balance may be based on an interest rate alone. Accordingly, interest or finance charge rates may be the same no matter how many or how few transactions the cardholder makes using the card. Accordingly, a credit card account having a fixed finance charge feature may not create an incentive directed toward retaining a customer associated with the financial account.
In view of the foregoing, there is a need for methods and systems for providing a financial account more optimally. Furthermore, there is a need for providing a financial account including providing, for example, an incentive directed toward retaining a customer associated with the financial account.